Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows and Statement of Cash Flows

v3.8.0.1
Consolidated Statement of Cash Flows and Statement of Cash Flows - USD ($)
12 Months Ended
Jul. 31, 2017
Jul. 31, 2016
Operating activities    
Net loss $ (21,449,798) $ (26,888,514)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 379,988 355,583
Stock-based compensation 4,016,790 6,116,660
Common stock issued for services 55,387
Loss on disposal of property and equipment 203,196
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses (130,926) 855,152
(Increase) decrease in other current assets 14,750 6,380
(Increase) decrease in other long-term assets (88,473) 24,818
(Decrease) increase in accounts payable and accrued liabilities (208,281) 861,634
(Decrease) increase in accrued compensation (128,083) (258,522)
(Decrease) increase in other long-term liabilities 253,661 854,773
(Decrease) Increase in accrued income taxes (800)
Net cash used in operating activities (17,340,372) (17,814,253)
Investing activities    
Purchases of property and equipment (21,562) (1,470,635)
Leasehold improvements (80,102)
Net cash used in investing activities (21,562) (1,550,737)
Financing activities    
Proceeds from issuance of common stock and warrants 17,451,565
Payment of financing and offering costs (15,500) (1,381,615)
Proceeds from exercise of warrants and issuance of common stock 79,506 6,000
Net cash provided by financing activities 64,006 16,075,950
Effect of foreign exchange rate changes on cash (3,620)
Net decrease in cash (17,301,548) (3,289,040)
Cash and cash equivalents, at beginning of year 28,746,224 32,035,264
Cash and cash equivalents, at end of year 11,444,676 28,746,224
Cash paid during the period for:    
Interest
Income taxes 1,391 2,462
Noncash investing and financing transactions:    
Fair value of placement agent warrants issued in the public offerings 536,909
Expiration of warrants 1,479,274 963,356
Amounts accrued for offering costs $ 256,296